Feels Like 1999

The past few days have felt like it’s 1999 again. Here’s a few charts to show the frothiness out there.

Caught the initial buy signal after the pullback in CHNR, but missed 95% of this monster move.

VMW is almost a double, in a little over a month and a 1/2 since going public .

A 40% gain in casino stock LVS. The online stock market casino is spitting coins.

Are these the type of moves synonymous with the beginning of a new bull leg? Or was today’s red day the start of a fast decline? Cooper quotes an interesting statistic, ‘In addition, as Peter Eliades points out, “the average decline between October 3 and November 8 of years ending in 7 since 1897 is 14.29% on a closing basis.”‘

A rule of 4 breakdown on the 15-minute chart yesterday, paid off for this trader today. I shorted the stock on the move below the trendline. When it failed to close over that trendline, I decided to hold overnight. Luck was on my side with the gap down bonus.

I decided to hold DUG overnight for tomorrow. The 60-minute chart is in an uptrend, and it feels right. Keeping an eye on GS for signs of weakness.